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2023 Caribbean Report by Savills: Executive Summary and Market Insights
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Savills, a London-based luxury real estate firm, published their 2023 Caribbean Report, offering a comprehensive perspective on prime residential market dynamics in the region. RE Luxe Leaders™ integrates such authoritative industry research with our own Luxury Reports to equip brokerage leaders with data-driven intelligence.
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As international buyers accelerate their return following eased travel restrictions, the Caribbean emerges as a premier destination fueled by hybrid work models and lifestyle demands. This report distills key trends, pricing data, and supply-demand analyses vital for strategic positioning within luxury Caribbean real estate.
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Prime Residential Market Demand: Drivers and Pricing
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The Caribbean prime residential segment has experienced robust growth since 2019, resilient through the pandemic’s disruptions. Key demand catalysts include:
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- The appeal of climate and open spaces attracting northern hemisphere buyers seeking winter escapes.
- Hybrid and remote work facilitating extended stays and second home acquisitions.
- Prestige location attributes such as proximity to airports, golf courses, marinas, and beach clubs that significantly influence property valuations.
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Price points vary considerably by asset type and location, reaching premium levels. For example, off-beach villas in Antigua trade around $650 per square foot, whereas beachfront villas in the Cayman Islands command up to $2,780 per square foot, reflecting scarcity and demand intensity.
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Emergence and Impact of Branded Residences
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The growth of branded residences marks a notable shift in Caribbean market offerings. These developments provide turnkey luxury ownership coupled with comprehensive security and curated amenities, appealing to high-net-worth buyers prioritizing convenience and lifestyle.
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- The Bahamas lead with 27% market share of branded units.
- The Cayman Islands and Turks and Caicos contribute 26% and 23%, respectively.
- The global branded residence supply in the Caribbean is projected to double within five years, opening avenues for luxury brokers and developers alike.
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2023 Caribbean Report Market Outlook Summary
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The report highlights ongoing and emerging trends shaping the market’s trajectory:
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1. Slower Price Growth Amid Economic Headwinds
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While some macroeconomic challenges may temper rapid appreciation, the intrinsic scarcity of prime sites and elite locations continue to underpin steady value preservation and limited supply competition.
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2. Persistent Pandemic-Induced Lifestyle Shifts
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The pandemic accelerated preference for homes emphasizing wellness, space, and access to nature, trends that bolster demand for Caribbean houses and estates suited for remote working and multi-season residency.
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3. Expansion of High-Quality, Branded Supply
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Quality enhancements and branded projects such as Andaz and Wymara in Turks and Caicos signal maturation of product offerings, broadening buyer appeal and market depth.
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4. Sustained Strong Rental Returns Catalyzed by Tourism Recovery
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A revitalized tourism sector fuels robust rental markets, enabling owners to leverage seasonal leasing to optimize returns. Longer average stays linked to remote work arrangements further enhance rental income potential.
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Strategic Implications for Brokerage Leaders
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Understanding nuanced market drivers across Caribbean islands is critical for informed portfolio positioning and client advisement. Key considerations include:
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- Prioritizing listings in prime locations with strong buyer appeal and limited supply.
- Evaluating branded residence partnerships to access emerging luxury clientele.
- Leveraging rental market strength to attract investors seeking cash flow.
- Adapting business strategies to capitalize on continued remote work trends and buyer preferences for quality of life enhancements.
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Download the Full 2023 Caribbean Report
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For comprehensive data, regional breakdowns, and strategic insight, download the full report here:
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Download the 2023 Caribbean Report PDF
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A Parting Thought
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We trust this report equips brokerage leaders with crucial knowledge to refine strategies and seize growth opportunities within the luxury Caribbean real estate market. Success at this level starts with informed, strategic decision-making tailored to evolving global and regional dynamics.
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RE Luxe Leaders™ offers exclusive insights, consulting, and coaching designed for luxury brokerage owners and leaders ready to scale thoughtfully and sustainably. Explore more valuable resources to elevate your operation:
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- Real Estate Insights
- Downloads for your Real Estate Business
- Luxe Real Estate Report and Forecasts
- Tools for your Team or Brokerage
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Stay abreast of real-time updates and expert commentary by following Chris Pollinger, Founding and Managing Partner, on LinkedIn, Twitter, Facebook, and Instagram.
”
}
